香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 上述資料未經審計，與定期報告資料可能存在差異，僅供投資者參考。相關資 料以公司定期報告為準。 股東及潛在投資者於買賣本公司證券時應注意投資風險並審慎行事。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2 025 年 7 月快遞物流業務經營簡報 根據《深圳證券交易所上市公司自律監管指引第3號 — 行業信息披露》的規定， 順豐控股股份有限公司（以下簡稱「公司」或「本公司」）現披露2025年7月業務經 營簡報情況如下： | 項目 | | 2025年7月 | 2024年7月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 186.57 | 162.28 | 14.97% | | | （億票） －業 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong growth in business volume and revenue, with June revenue reaching 26.254 billion, a year-on-year increase of 13.43%, and express logistics business volume at 1.46 billion tickets, up 31.77% year-on-year [2][3] - The company has successfully transformed into a comprehensive logistics leader, with new business segments achieving market-leading positions and contributing to revenue and profit improvements [6][7] Summary by Sections Business Performance - In Q2, the company reported a business volume increase of 31.20% year-on-year and revenue growth of 12.41% [3] - The company’s business volume has been accelerating since 2025, significantly outpacing industry growth rates [4] Revenue and Profitability - The total revenue for the company in 2025 is projected to be 315.54 billion, with a year-on-year growth rate of 10.9% [8] - The net profit attributable to the parent company is expected to reach 11.91 billion in 2025, reflecting a year-on-year growth of 17.1% [8] Financial Metrics - The company’s gross margin is projected to improve from 12.8% in 2023 to 14.0% in 2025 [8] - The return on equity (ROE) is expected to increase from 8.9% in 2023 to 12.1% in 2025 [8] Future Outlook - The company is expected to maintain a strong growth trajectory, with net profits projected to reach 14.26 billion in 2026 and 16.85 billion in 2027, representing growth rates of 19.7% and 18.2% respectively [7][8] - The company’s price-to-earnings ratio is projected to decrease from 29.33 in 2023 to 20.28 in 2025, indicating potential value appreciation [8]

Core Viewpoint - SF Holding's stock closed at 48.15 yuan, with a rolling PE ratio of 23.23 times, and a total market capitalization of 243.769 billion yuan, indicating a stable position within the logistics industry [1] Company Summary - SF Holding's main business is comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain [1] - In the first quarter of 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.234 billion yuan, a year-on-year increase of 16.87%, with a sales gross margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.36 times, with a median of 28.91 times, placing SF Holding at the 30th position in the industry ranking [2] - The company has received multiple international awards and national-level case certifications in logistics technology for 2024 and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award, the highest award in global operations and management science [1]

Group 1 - The core viewpoint of the articles highlights the performance and market position of SF Holding, indicating a decline in stock price and a comparison of its PE ratio with industry averages [1][2] - As of July 2, SF Holding's stock closed at 48.27 yuan, down 1.89%, with a rolling PE ratio of 22.97 times and a total market capitalization of 240.997 billion yuan [1] - In terms of capital flow, on July 2, SF Holding experienced a net outflow of 88.5187 million yuan, with a total outflow of 42.2472 million yuan over the past five days [1] Group 2 - SF Holding's main business is comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, medical delivery, same-city instant delivery, international express, international freight and agency, and supply chain [1] - The company achieved a revenue of 69.850 billion yuan in the first quarter of 2025, representing a year-on-year increase of 6.90%, and a net profit of 2.234 billion yuan, up 16.87%, with a gross profit margin of 13.30% [1] - In 2024, SF Holding received multiple international awards and national-level case certifications in logistics technology, and it was the only Chinese representative to reach the global finals of the Franz Edelman Award in 2025 [1]

Core Viewpoint - SF Holding's stock closed at 49.15 yuan, down 2.27%, with a rolling PE ratio of 23.39 times and a total market value of 245.39 billion yuan [1] Company Summary - SF Holding specializes in comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain services [1] - In Q1 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.23 billion yuan, up 16.87%, with a gross profit margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.14 times, with a median of 26.82 times, placing SF Holding at 31st in the industry ranking [1][2] - The company has received multiple international awards and national-level case certifications in logistics technology and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award [1]

Core Viewpoint - The company reported a total revenue of RMB 25.113 billion for May 2025, reflecting a year-on-year growth of 11.34% in its express logistics and supply chain businesses [2]. Group 1: Express Logistics Business - The revenue from the express logistics business increased by 13.36% year-on-year, with a business volume growth of 31.76%, attributed to the implementation of activation strategies and increased incentives for frontline operations [2]. - The early promotional period of major e-commerce platforms during the 618 sales event contributed to the increased demand for deliveries in May [2]. Group 2: Supply Chain and International Business - The revenue from international freight forwarding was impacted by fluctuations in international trade relations; however, the company leveraged its global network and diversified business layout to adapt to market changes [2]. - The company actively explored new demands, which supported steady growth in its supply chain and international business segments [2].

Core Viewpoint - SF Express reported strong financial results for 2024, with revenue of 284.4 billion and net profit of 10.2 billion, indicating a positive response from investors [3][4]. Group 1: Business Segments - SF Express operates three main business segments: Express and Large Items, Supply Chain and International, and Same-City Instant Delivery [7]. - The Express and Large Items segment generated revenue of 186.9 billion in 2023, accounting for 72.3% of total revenue, and is projected to reach 200.2 billion in 2024 [8]. - The Supply Chain and International segment reported revenue of 62.86 billion in 2023, representing 24.3% of total revenue, with expectations to grow to 74 billion in 2024 [10]. - The Same-City Instant Delivery segment had revenue of 7.37 billion in 2023, making up 2.85% of total revenue, and is anticipated to increase to 9 billion in 2024 [12]. - In 2024, SF Express expects a total revenue increase of 26 billion, with contributions from each segment being 51% from Express, 42.8% from Supply Chain, and 6.3% from Same-City [14]. Group 2: Revenue Growth and Challenges - The growth of the Express segment is slowing, with an average annual growth rate of 7.3% from 2021 to 2024, and a projected revenue of 122.2 billion in 2024, reflecting a 5.8% increase [16]. - The Supply Chain and International segment is contributing significantly to revenue growth but at the cost of profitability, with a gross profit margin dropping to 6.6% in 2024 [40]. - The Same-City Instant Delivery segment has shown persistent losses, with a gross loss rate of 62.9% in 2024, indicating challenges in achieving profitability despite revenue growth [43][45]. Group 3: Market Position and Strategy - SF Express has shifted its focus from maintaining a 10% market share to prioritizing profitability, as evidenced by a decline in market share to 7.6% in 2024 [28][30]. - The company has adopted a "price protection" strategy, moving away from "price for volume" tactics, which has resulted in a gross profit margin of 93.5% in 2024 [34][35]. - The Express segment is becoming the sole profit source for SF Express, with net profit contributions exceeding 100% in 2024 [39][46].

Core Viewpoint - SF Express reported strong financial results for 2024, with revenue of 284.4 billion and net profit of 10.2 billion, showing year-on-year growth of 11.4% and 23.5% respectively, leading to a positive market reaction with a 2.57% increase in stock price [1][2]. Group 1: Business Segments - SF Express operates through three main segments: Express and Large Items, Supply Chain and International, and Same-City Instant Delivery [4]. - The Express and Large Items segment generated revenue of 186.9 billion in 2023, accounting for 72.3% of total revenue, and is projected to reach 200.2 billion in 2024, representing 70.4% of total revenue [5]. - The Supply Chain and International segment reported revenue of 628.6 billion in 2023, contributing 24.3% to total revenue, with an expected increase to 740 billion in 2024, making up 26% of total revenue [7]. - The Same-City Instant Delivery segment had revenue of 73.7 billion in 2023, representing 2.85% of total revenue, and is anticipated to grow to 90 billion in 2024, accounting for 3.2% of total revenue [9]. Group 2: Revenue Growth Contributions - In 2024, SF Express's revenue is expected to grow by 26 billion, with contributions from various segments: Express and Large Items (51%), Supply Chain and International (42.8%), and Same-City Instant Delivery (6.3%) [11]. - The Express segment's revenue growth is primarily driven by the core express delivery service, which is projected to reach 1.222 trillion in 2024, with a year-on-year growth of 5.8% [14]. - The Supply Chain and International segment is expected to contribute significantly to revenue growth, but at the cost of profit margins, with a projected net loss of 1.32 billion in 2024 [32]. Group 3: Market Position and Strategy - SF Express has shifted its strategy from "volume over price" to "price preservation," focusing on maintaining profit margins rather than increasing market share [25][29]. - The company has seen a decline in market share, with a reported 7.6% in 2024, down 1.4 percentage points from the previous year [23]. - The competitive landscape has led to a decrease in the average price per shipment, with the overall market price dropping to approximately 8 yuan per shipment in 2024 [22]. Group 4: Profitability and Financial Health - The Express segment has become the sole profit source for SF Express, with net profit margins improving to 5.5% in 2024 [29]. - The Supply Chain and International segment has faced challenges, with a significant drop in profit margins and a net loss of 1.32 billion in 2024 [32]. - The Same-City Instant Delivery segment continues to struggle with high costs and low profitability, showing a loss rate of 62.9% in 2024 [35].

Core Viewpoint - The performance of major express delivery companies in China shows growth in revenue and net profit for 2024, but a divergence in Q1 2025 results, indicating varying strategies and market conditions among the companies [1][2]. Group 1: Company Performance - SF Express (顺丰控股) achieved a total revenue of 284.42 billion yuan in 2024, 1.7 times that of its competitors, with a net profit surpassing 10 billion yuan for the first time at 10.17 billion yuan [2]. - YTO Express (圆通速递) ranked second with a revenue of 69.03 billion yuan and a net profit of 4.01 billion yuan, while Yunda Express (韵达股份) and Shentong Express (申通快递) followed with revenues of 48.54 billion yuan and 47.17 billion yuan, and net profits of 1.91 billion yuan and 1.04 billion yuan respectively [2]. - In Q1 2025, SF Express continued to lead with a revenue of 69.85 billion yuan, a year-on-year increase of 6.9%, and a net profit of 2.33 billion yuan, up 16.87% [2]. Group 2: Competitive Dynamics - YTO Express maintained a high profit level in Q1 2025 with a revenue of 17.06 billion yuan, a 10.58% increase, but its net profit decreased by 9.15% to 857 million yuan [3]. - Shentong Express reported a significant net profit growth of 24.04% to 236 million yuan, driven by a low base effect and increased business volume [3][6]. - Yunda Express faced a decline in net profit by 22.15% to 321 million yuan, indicating a disconnect between revenue growth and profitability [3]. Group 3: Cost and Efficiency - YTO Express led in single-package net profit with 0.16 yuan, outperforming Yunda Express at 0.07 yuan and Shentong Express at 0.04 yuan, attributed to its digital management [4]. - In 2024, YTO Express's single-package transportation cost was 0.42 yuan, down 9.41%, and its operational efficiency improved significantly due to automation and technology [5]. - Shentong Express's business volume grew by 29.83% to 22.73 billion packages in 2024, but its net profit margin remained low at under 2%, highlighting ongoing challenges in profitability despite volume growth [7].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 69.85 billion RMB in Q1, representing a year-on-year growth of 6.9%, and a net profit attributable to shareholders of 2.23 billion RMB, up 16.9% year-on-year, slightly exceeding expectations due to operational model transformation and network optimization [1][2] - The company is expected to benefit from stable profits from express delivery, diversified business growth, and international expansion, leading to a revaluation from an express delivery company to a comprehensive logistics service provider [1][3] Revenue and Volume Growth - The average daily volume of parcels increased by 21.0% year-on-year to 3.56 billion parcels, with total parcel volume growing by 19.7% to 3.54 billion parcels [2] - The average price per parcel decreased by approximately 11.0% year-on-year to 14.55 RMB, continuing the trend of "price for volume" established over the past 24 years [2] Business Segments and Cost Optimization - Revenue from express logistics grew by 7.2% year-on-year, while supply chain and international business revenue increased by 9.9% year-on-year, driven by competitive product offerings and enhanced international network capabilities [2] - The company achieved a gross margin of 13.3%, a slight increase of 0.1 percentage points year-on-year, with gross profit rising by 8.0% to 9.29 billion RMB [2] Profit Forecast and Valuation - The company maintains net profit forecasts of 11.8 billion RMB, 14.2 billion RMB, and 16.0 billion RMB for 2025-2027, with corresponding EBITDA of 34.9 billion RMB, 38.5 billion RMB, and 41.3 billion RMB [3] - The valuation for A-shares is set at 8.0x EV/EBITDA for 2025, above the average of 4.8x for comparable companies, while H-shares are valued at 7.7x EV/EBITDA, also above the average of 5.2x [3]